Forest Labs closes deal on Furiex Pharmaceuticals for $1.1 billion

The deal strengthens parent company Actavis' focus on gastroenterology

DUBLIN - Actavis on Wednesday announced that its subsidiary Forest Labs has successfully completed its acquisition of Furiex Pharmaceuticals in an all-cash transaction valued at approximately $1.1 billion, and up to approximately $360 million in a Contingent Value Right that may be payable based on the status of eluxadoline, Furiex's lead product, as a controlled drug, following approval.

In connection with the close of the Furiex acquisition, Actavis further announced that it has closed the transaction related to the sale of Furiex's royalties on alogliptin and Priligy to Royalty Pharma for approximately $415 million.

"The strategic acquisition of Furiex strengthens Actavis' focus on gastroenterology where we are an industry leader, positioning us for continued long-term growth in IBS treatment," said Brent Saunders, CEO and president of Actavis. "Furiex's lead development product eluxadoline is a natural extension to our GI business, complementing our Linzess, Asacol and Delzicol franchises, as well as the products acquired as part of the acquisition of Aptalis earlier this year. If approved, eluxadoline could represent a significant advance in the treatment of IBS-D, and would give Actavis one of the broadest product offerings for the $38 billion GI disease market," he said. "This product, if successful, would make Actavis even more relevant to gastroenterologists and primary care physicians in meeting significant patient needs."

Eluxadoline is a first-in-class, locally-acting mu opioid receptor agonist and delta opioid receptor antagonist for treating symptoms of diarrhea-predominant irritable bowel syndrome (IBS-D), a condition that affects approximately 28 million patients in the United States and Europe. In February 2014, Furiex announced top-line results indicating the company's two pivotal Phase III clinical trials evaluating the efficacy and safety of eluxadoline in the treatment of IBS-D met both the Food and Drug Administration and the European Medicines Agency formally agreed-upon primary endpoints of composite response based on simultaneous improvements in stool consistency and abdominal pain.

Actavis expects to be in a position to announce an acceptance for filing of the new drug application for eluxadoline by the end of the third quarter of 2014.

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